In-profit Bitcoin addresses plummet to 2-year low as crypto market bleeds

With the cryptocurrency market continuing to decline in a bearish trend as most prominent digital currencies record plummeting prices, holders of its largest asset by market capitalization – Bitcoin (BTC) – are also struggling with record lows in profit.

Indeed, the percentage of Bitcoin addresses in profits is at its two-year low, currently standing at 60.499%, as revealed in a tweet by the alerts account belonging to the on-chain metrics platform Glassnode on May 11.

This percentage demonstrates a dramatic drop from May 2021, when the ratio of addresses holding their BTC tokens at a profit neared 100%. On the other hand, the chart now indicates that nearly 40% of Bitcoin addresses are at a loss.

At the same time, the account also tweeted another chart that shows the exact number of addresses holding their BTC tokens underwater. Specifically, the number of addresses has reached a two-year high of 16,522,749.262.

Meanwhile, Bitcoin holders aren’t the only ones recording lows in profit. As Finbold reported on May 10, the percentage of Ethereum (ETH) addresses in profits was at its 21-month low, standing at 66.77% at the time of writing.

Bitcoin takes a dive as crypto market declines

At the time of publication, the price of Bitcoin was struggling to remain above the $30,000 mark and is now trading at $29,567, which is an 8.21% decline on the day and a 24.17% drop across the previous seven days, according to CoinMarketCap data. 

Its market capitalization is $599.67 billion, while the total crypto market cap at press time stands at $1.39 trillion, far below the $2 trillion it regained in late March. 

Finbold has earlier also reported on a total of $375 billion flowing out of the crypto market cap in a single week, as the price of Bitcoin has dropped to its lowest point since July 2021.

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